Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 10, 2022 |
referred to ways and means |
Assembly Bill A8688
2021-2022 Legislative Session
Sponsored By
THIELE
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Gina Sillitti
Chris Burdick
John T. McDonald III
Steven Englebright
2021-A8688 (ACTIVE) - Details
2021-A8688 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8688 I N A S S E M B L Y January 10, 2022 ___________ Introduced by M. of A. THIELE -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to improving the real property tax relief credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (E) of paragraph 1, paragraph 2, subparagraphs (A), (B) and (C) of paragraph 3, paragraph 4 and subparagraph (A) of paragraph 6 of subsection (e-2) of section 606 of the tax law, as added by section 1 of part III of chapter 59 of the laws of 2021, are amended to read as follows: (E) "Excess real property tax" means the excess of qualifying real property taxes over [six] FIVE percent of qualified gross income. (2) For tax years beginning on or after January first, two thousand [twenty-one and before January first, two thousand twenty-four] TWENTY- TWO, a qualified taxpayer shall be allowed a credit as provided in para- graph three of this subsection against the taxes imposed by this arti- cle. If the credit exceeds the tax for such year under this article, the excess shall be treated as an overpayment, to be credited or refunded, without interest. (A) For qualified taxpayers whose qualified gross income is seventy- five thousand dollars or less, the applicable percentage shall be [four- teen] TWENTY percent. (B) For qualified taxpayers whose qualified gross income is greater than seventy-five thousand dollars but less than or equal to one hundred fifty thousand dollars, the applicable percentage shall be the differ- ence between (i) [fourteen] TWENTY percent and (ii) five percent multi- plied by a fraction, the numerator of which is the difference between the qualified taxpayer's qualified gross income as defined by this subsection and seventy-five thousand dollars, and the denominator of which is seventy-five thousand dollars. (C) For qualified taxpayers whose qualified gross income is greater than one hundred fifty thousand dollars but less than or equal to [two] THREE hundred fifty thousand dollars, the applicable percentage shall be EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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